Notice to Landlords – Flat Conversion Allowances, Energy-Savings Allowances

The special tax relief for flats over shops comes to an end on 5 April 2013. It may be renewed in next weeks budget but if the work is contacted for before 5 April, it can be claimed. The main conditions to obtain relief are: 1. Maximum number of storeys- 4; 2. The flats must have been unoccupied or just used for storage for at least a year before conversion work starts; 3. The flats must be l… Continue Reading

Residence New Rules From 6TH APRIL

The Statutory Residence Test comes into effect on 6th April. For non UK residents and those planning to be non resident now is the time to plan for the new regime. The new rules are summarised as follows: You are automatically UK resident if: 1. If you spend more than 183 days or more in the UK  or 2. You have a home in the UK for at least 90 days, you are present in that home for at least 30 separ… Continue Reading

VAT returns

On 9 January HMRC launched a VAT Outstanding Returns Campaign which is aimed at businesses who are behind with their VAT returns. If the outstanding returns are not filed by 28 February, then these businesses are under threat of  being  targeted for detailed enquiries which could result in penalties. That leaves eight days to file any outstanding VAT returns.… Continue Reading

Child Benefit

Summary of the new Child Benefit Rules from Tuchbands,  Accountants in North London The new Child Benefit rules came into effect this month for weekly periods beginning after 7 January. Wherever there is a household in which child benefit is claimed and someone is earning over £50,000 a year, some or all of the child benefit will have to be paid back. Child benefit is currently £20.3… Continue Reading

The Chancellor’s 2012 Autumn Statement

Tuchbands, North London Accountants, highlights the main announcements on the  Autumn Statement 2012   This summary contains a host of Autumn Statement changes that may affect you, your business and your tax planning. Please contact us for more help and advice with your particular circumstances.  At a glance

• Income tax personal allowances to increase
• Reduction in annual and l

… Continue Reading

PAYE- Real Time Information

Important Newswire from Tuchbands ,Chartered Accountants , in Golders Green, North West London What is Real Time Information?  As from April 2013 it will be mandatory for all employers to implement Real Time Information (RTI), a new system for submitting payroll information to HM Revenue and Customs (HMRC). Under the current PAYE system although payroll is run weekly or monthly… Continue Reading

Residential Property held by a Company

There are government proposals in the pipeline for charging 15% SDLT on residential properties valued at £2m or more where the property is  owned by a company. In addition an annual charge starting at £15,000 per annum is proposed. This is proposed to come into effect in April 2013. There are, fortunately exemptions for property development companies. It seems best to keep e… Continue Reading

VAT registration

Businesses have to register for VAT as soon as  the turnover exceeds £77,000. A common misconception is that this is measured by reference to the annual accounts. However, it is actually measured on a rolling 12 month period. Once the registration is level has been exceeded, registration has to be done withing 30 days thereafter. HMRC will then register from the first day of the ne… Continue Reading

Audit Exemption

It has been recently announced that small companies as defined in the Companies Act will be exempt from audit for accounting period ending after 1 October 2012. The exemption thresholds will now be quite high but as HMRC are stepping up their investigation activity, will exemption increase the risk of a HMRC enquiry? It is not within the scope of an audit to examine every the documen… Continue Reading

US Citizens in the UK

A conditional bilateral agreement between the US and UK tax authorities has recently been signed. Under the agreement (which has still to receive parliamentary approval) banks will pass information on US account holders to HMRC who will then notify the IRS. This is just a further measure brought about by the IRS to capture information on US citizens living abroad who are required… Continue Reading